Regulation
FSCS maintains broker levy at £5.3m and forecasts no increase for 2023/24
The Financial Services Compensation Scheme has kept the 2022/23 levy for brokers at £5.3m as it revealed the bill for 2023/24 is poised to be the same again.
Sheldon Mills insists that ‘we must not lose sight’ on diversity and inclusion
The Financial Conduct Authority’s Sheldon Mills has urged the industry to do more on ensuring diverse representation and inclusive cultures.
FCA to release crucial personal lines value data ‘imminently’
The Financial Conduct Authority is set to release value measures data ‘imminently’ that will play a crucial role in helping brokers benchmark whether their products offer value.
Broker Expo 2022: Brokers urged to act now over looming AR rules deadline
As the implementation of the appointed representative requirements edges closer, senior consultant Sue Mallender at Sicsic Advisory has warned Broker Expo delegates that principal firms need to act to make sure they hit the deadline.
In-depth: Good or bad? The looming regulation of broker software houses
Broker software houses likely face regulation amid a new law before parliament. The impending regulation has triggered debate over whether it will protect customers or add more cost and paperwork for brokers as Saxon East discovers
FCA ramps up intervention on rogue financial promotions
The Financial Conduct Authority has revealed that it intervened to amend or withdraw 4,151 financial promotions between July and September.
Biba issues series of commitments after FCA flat insurance report
The British Insurance Brokers’ Association has set out a series of commitments to the Financial Conduct Authority and the government to help achieve better outcomes for leaseholders, especially those living in high rise residential buildings that require…
‘Ridiculous’ – FCA fair value broker paperwork hours revealed
Calculations by the British Insurance Brokers' Association have shown brokers are working thousands of hours to complete fair value assessments.
Video Q&A: Travelers Insurance on the opportunities afforded brokers by the UK technology sector
Travelers Insurance’s Stuart Hawkins talks to Insurance Age about the coverages and issues brokers need to be aware of to manage clients in the technology sector.
FCA threat of premium finance crackdown rises amid ‘fairness’ concerns
The Financial Conduct Authority has a list of concerns about premium finance, with two of its most powerful figures in general insurance expressing their unease over issues with the product.
PRA hands MS Amlin £9.7m fine
The Prudential Regulation Authority has issued MS Amlin Underwriting a £9.7m fine for failing to comply with regulatory obligations.
Trade bodies battle to trim FCA fair value paperwork ‘crippling’ small firms
Trade bodies are working with the Financial Conduct Authority to narrow down the focus of its fair value assessments which comes with a huge regulatory burden.
GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.
Insurance set for boom in machine learning, Bank of England survey finds
Insurance is growing its adoption of machine learning applications faster than any other financial sector, a Bank of England survey has found.
News analysis: Would a merged FCA/PRA make brokers’ lives any easier?
Team Truss have financial regulation in their sights… but just how far could they go? It’s mooted there are plans to create a single super regulator by merging the Financial Conduct Authority, the Prudential Regulatory Authority and the Payment Systems…
FCA continues to flounder on approved person authorisation targets
The Financial Conduct Authority is falling short on targets in speedily giving individuals approved person status to carry out work and has posted a worsening performance on approving changes of control requests for firms.
Editor's letter: Is the FCA living on borrowed time?
Unpopular as it is, the regulator still has market support. But for how long?
Ecclesiastical survey finds stress is still major issue for brokers
According to Ecclesiastical’s latest Broker Wellbeing Survey, attitudes towards mental health are improving but stress continues to be a major issue for brokers.
FCA warns insurers to support customers’ wellbeing during cost of living crisis
The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.
James Dalton leaves the ABI to join the MIB
The Motor Insurers' Bureau has made a series of new senior leadership hires including the director of general insurance policy at Association of British Insurers, James Dalton.
Stark shortfall in fair value assessment requests from insurers
In a compliance webinar hosted by Kenneth Underhill, director of Implement Compliance Solutions and Resources, 76% of approximately 120 participating co-manufacturers and distributors said they had not received a fair value assessment from their…
Aviva “disappointed” at other insurers for not offering fairly priced multi-occupancy building insurance
Aviva’s UK & Ireland general insurance CEO, Adam Winslow, has responded to the FCA’s report on insurance for multi-occupancy buildings and has expressed disappointment in other insurers for not offering fairly priced insurance.
Government summons ABI to meeting on FCA tower block insurance report
The Secretary of State for Levelling up, Housing & Communities has written to Hannah Gurga, director general of the Association of British Insurers, telling the industry to accelerate its work on multiple occupancy buildings insurance and solve the…
Government writes to Biba slamming “amoral” flats insurance commission and demanding change
Government minister Simon Clarke has written to Steve White, CEO of the British Insurance Brokers’ Association, demanding immediate changes to unfair commissions and a plan to reform market culture and practice after the regulator’s report into multi…